October 13, 2025 10:49 PM GMT Greater China Media | Asia Pacific Industry Shifts and Valuation Adjustments We update our SMID Internet/Media coverage views. Our preference order is: IP (early stage for long-run growth); Live- streaming (JOYY/HUYA bottoming); Games (strong pipeline performance); Long video (regulation easing); and Film. We maintain OWs on Damai and 37IE, move Maoyan to EW from OW. We update our views on our small-mid cap (SMID) China Internet/Media coverage to reflect recent secular changes. ...

A new film by Paul Thomas Anderson makes you both laugh and care—a tricky feat—even as it makes its points about migrants, militarisation and idealism https://t.co/k0sCkeHxicPhoto: Courtesy Warner Bros. Pictures https://t.co/VPLSXkUAtK ...

29 September 2025 | 7:24AM CST Equity Research CHINA SOLAR: TRACKING PROFITABILITY INFLECTION Sep Poly/Glass price above expectation, but likely to be reversed as downstream inventory piles up Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in Sep MTD: Jacqueline Du +852-2978-1783 | jacqueline.du@gs.com Goldman Sachs (Asia) L.L.C. c ...

Core Viewpoint - Kodak has clarified that it is not ceasing operations or filing for bankruptcy, despite misleading media reports following its Q2 filing, which included a going concern note due to significant debts [3][5]. Financial Performance - In Q2, Kodak's sales decreased by 1% to $263 million, and gross profit margins fell from 22% to 19%, resulting in a net loss of $26 million compared to a net profit of $26 million in the previous year, attributed to rising aluminum and manufacturing costs [6][7]. - Kodak has approximately $500 million in debts due within 12 months and lacks committed financing or available liquidity to meet these obligations [3][4]. Strategic Moves - Kodak is in the process of selling its U.S. pension fund, which is expected to generate around $300 million in cash, aiding its financial position [4]. - The company has experienced a resurgence in film demand, particularly among Gen Z consumers, who are drawn to retro technology [12][13]. Brand Positioning - Despite its struggles, Kodak remains a well-recognized brand in various regions, particularly in the Gulf, and has seen a mini resurgence in the U.S. due to the retro camera trend [10][11]. - Kodak produced more than twice as many film rolls in 2019 compared to 2015, indicating a growing interest in film photography [11]. Historical Context - Kodak's decline is attributed to its failure to adapt to digital photography and the rise of smartphones, contrasting with companies like Apple that successfully reinvented themselves [9][13]. - At its peak, Kodak employed over 140,000 workers, but now has a workforce of about 3,400 [8].

Core Viewpoint - Eastman Kodak's shares dropped 25% after the company warned it may face shutdown due to lack of financial support, with $500 million in upcoming debt obligations and no committed financing or liquidity [1][7]. Financial Situation - Kodak is attempting to secure cash by suspending payments to its retirement pension plan and aims to clarify its debt obligations within the week [2]. - The company reported it does not have "committed financing or available liquidity" to meet its financial obligations [1][7]. Historical Context - Kodak, a pioneer in photography, introduced the first digital camera in 1975 but failed to adapt to new technologies, leading to bankruptcy in 2012 with debts of $6.75 billion [3]. - The company was once dominant in the market, controlling 90% of film and 85% of camera sales in the US by the 1970s [9]. Business Strategy - Kodak has shifted focus to industrial printing and selling branded products, such as a Barbie-themed mini photo printer, in response to its financial challenges [4].

Core Insights - K Wave Media (KWM) is set to release a diverse lineup of films and dramas in the second half of 2025 while executing its Bitcoin Strategic Reserve Plan, which combines growth in entertainment with financial innovation [1][2][4] Group 1: Content Pipeline and Releases - KWM has accelerated production across various content verticals since its Nasdaq debut on May 14, 2025, with plans to target both domestic and international audiences through platforms like Netflix and major broadcasters [2] - Key upcoming titles include "Trigger," a crime drama with a budget of KRW 23 billion (approximately USD 17 million), premiering on Netflix in July 2025, and "Aema," set in the 1980s Chungmuro film scene, releasing later this year [6] Group 2: Financial Strategy - KWM launched a $500 million Standby Equity Purchase Agreement to fund its Bitcoin acquisitions, aiming to hedge against inflation and currency risk while providing capital flexibility for content growth [2] - The company plans to integrate Bitcoin and approved digital currencies as payment options for its content platforms and merchandise, creating new monetization models in the Web3 entertainment economy [3][4] Group 3: Long-term Vision and Market Position - KWM's strategy focuses on building a sustainable K-content ecosystem supported by high-margin intellectual property models, including remakes and spin-offs, enhancing financial resilience amid global uncertainties [4][5] - The company is positioned for asymmetric upside through scalable K-drama, film, and K-pop IP growth, combined with long-term Bitcoin appreciation potential, emphasizing a disciplined foundation for sustainable long-term revaluation [4]

Investment Rating - The report maintains a "Buy" rating on Cell & Module and Film, while it has a "Sell" rating on Glass, Poly, Wafer, and Equipment [4]. Core Insights - The profitability of the solar industry is expected to face deterioration for Cell and Module, while Glass may see temporary improvement due to price hikes [6][14]. - The report highlights a significant decline in solar capital expenditure, projected at -55% year-over-year in 2025, alongside a lower capacity utilization rate averaging 59% from 2025 to 2030 [4]. - The report indicates that upstream pricing in China has started to lose momentum as the peak of rush installations is ending, while US module pricing has jumped due to a 90-day tariff exemption [19]. Summary by Sections Pricing Dynamics - As of April 17, 2025, month-to-date (MTD) spot prices for Poly/Wafer/Cell/Module/Glass/Film/Inverter in China showed average changes of -1%/-0.3%/-7%/+0.5%/+5%/+0%/+1%, while overseas module prices increased by 20% in the US [19]. - The report notes that inventory days across the value chain have improved to below 20 days, except for Poly at 40 days and Glass at 27 days, driven by strong domestic demand [13]. Production and Demand - Production volumes across the solar value chain are expected to recover significantly in April, with Poly/Wafer/Cell/Glass/Module projected to increase by +4%/+17%/+29%/+9%/+31% month-over-month [12]. - The report anticipates a decline in inventory levels across the value chain, with a lowered production-to-demand ratio at 94% in April compared to 104% in March [15]. Profitability Trends - The average cash gross profit margin (GPM) for Poly/Wafer/Cell/Module/Glass/Film in April showed changes of -0.3pp/+0.4pp/-11pp/-6pp/+3pp/+1pp, indicating a decline in profitability for Cell and Module [10]. - Monthly average cash profitability for the companies covered is expected to remain largely flat month-over-month in April, although it is better than the first quarter of 2025 [7].